However, wide coverage is not entirely beneficial to enterprises. For example, in real estate, Internet and other fields, a large capital investment, long operation cycle, slow capital withdrawal. The factors such as high investment risk, uncontrollable income and continuous investment have led to the liquidity problem of Guangxin Group.

To this end, at the beginning of 20 18, New Light Source became Guangxin Group, and provided a guarantee that the total financing amount did not exceed 3 billion yuan. However, in July this year, Guangxin Yuancheng, which was suspended for half a year, offered 8.3 billion to 654.38+0.84 billion yuan to acquire China Transmission, of which 5 billion yuan needed to borrow from Guangxin Group. However, the parent company Guangxin Group has fallen into a liquidity crisis, and it is doubtful where these tens of billions of acquisition funds come from.

After the bond default, Guangxin Group issued an announcement in response: due to multiple factors such as macro-leverage reduction, bank credit contraction, and financing difficulties of private enterprises, the company's liquidity problems caused it to be unable to repay the principal and interest on time.

In this regard, Xu Jun, a spokesperson for Guangxin Group, also said that in addition to the lack of liquidity control of enterprises themselves, the main reasons for breach of contract are firstly affected by changes in financial conditions, environment and policies; Secondly, since the beginning of this year, bond defaults have occurred frequently throughout the country, which has greatly deteriorated the financial ecology of Zheshang. At the same time, the unexpected factors that suddenly triggered the negative events of affiliated rating agencies not long ago also affected the progress of several major financing plans of the company to some extent.

Song Qinghui, an economist, said: "The reasons for bond default include various factors such as poor management, poor cash flow and external guarantee. Since the beginning of this year, there have been frequent defaults in the bond market, especially involving more listed companies. This is because the leverage ratio of some private enterprises is too high, and they can no longer borrow the new and return the old, which leads to default. Bond default also led to a sharp drop in some bond funds, and the participating investors also suffered heavy losses. Investors should also carefully screen when buying bond funds. "